Accounting procedures require that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.

Name: Accounting procedures require that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.
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Question

Quizplus · Accepted Answer

This statement reflects the accrual basis of accounting, which mandates that revenues and expenses be recorded in the period they are earned or incurred, regardless of when cash is received or paid.

Accounting Procedures Require That Revenue and Expenses Be Recorded in the Accounting